What term refers to property taxes that are assessed "according to valuation"?

The term that refers to property taxes assessed "according to valuation" is ad valorem taxes. This Latin phrase translates to "according to value." Ad valorem taxes are typically based on the value of the property being taxed. This means that as the value of a property increases or decreases, the amount of tax assessed will correspondingly increase or decrease, making it a fair and proportional way to levy taxes based on the market value of real estate.

Property taxes are a broader category and can encompass various types of assessments, but ad valorem specifically highlights the valuation aspect. Excise taxes are generally levied on specific goods or transactions rather than real estate value, while capital gains taxes are applied to the profit made from the sale of an asset, not on property valuations per year.